According to a Bloomberg report on Thursday (13th), as Bitcoin prices fall and profit margins shrink, cryptocurrency miners are embarking on a wave of transformation, exiting the mining business and betting on AI computing opportunities.
Major mining company Bitfarms ( BITF-US ) announced on Thursday its plan to gradually exit the cryptocurrency mining business over the next two years, shifting its focus to providing computing infrastructure for AI applications. The Toronto-based company will repurpose its Washington state facility to support AI or high-performance computing.
“Although the Washington state facility represents less than 1% of our developable asset portfolio, we believe that simply transforming this location into a GPU-as-a-service model could generate higher net operating revenue than we have in the past with Bitcoin mining,” Bitfarms CEO Ben Gagnon said in a statement.
Crypto miners like Cipher and Terawaulf, which are venturing into AI projects, have attracted prominent investors such as SoftBank and Google to develop data centers. These collaborations are expected to generate billions of dollars in revenue and allow these companies to raise more funds through debt financing.
Bitfarms reported a widening loss of $46 million in the third quarter, with revenue of $68 million. As of press time, the company’s stock price had fallen by 18%, but is still up more than 60% year-to-date.
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